Algorand Selects 11 Blockchain Startups For Its Accelerator Program

Algorand selects 11 blockchain startups for its Europe Accelerator program that was introduced back on October 11 as we reported in our altcoin news.

The Algorand foundation which is the research body behind the smart contract protocol Algorand selects 11 startups from its inaugural accelerator program which could enhance innovation on the emerging blockchain network. The startups selected by the accelerator are focused on payment and lending infrastructure, IoT, and network solutions. The program runs 12 weeks and each participant will receive $18,000 in seed funding from the blockchain fund Borderless Capita. The chief economist of the foundation Massimo Morin said:

“Following the success of our Asia Accelerator Program, I’m excited about the launch of the Algorand Europe Accelerator. Europe is crucial for Algorand’s growth, and London is an important startup hub and a crucial financial center.”

Excited to see 11 high-growth #blockchain startups building innovative solutions on Algorand!

Welcome to @algorandeurope: ZTLment, @payscript_io, @Smartchain_, Blockchain Italia, @stokr_io, @Blockswap_team, @ockams, @cortexconnect, @kontinuouscap, @ArtSquareIO & @NetObjex. https://t.co/WykOrJD14l

— Algorand (@Algorand) February 2, 2021

The payment and lending startups involved in the program include Playscript, Smart Chain, ZTLment, and Blockchain Italia. STORK, Ockams, and Blockswap Network were selected for the infrastructure category. ArtSquare.io, Cotex, Kontinous, and more are rounding out the network-driven platform category. The IoT company that will be included in the data marketplace platform is NetObjex.

The inaugural accelerator program received 200 applications as per the partner at Eterna Capital Nassim Olive who is a global blockchain fund that already partnered with Algorand. The foundation announced its accelerator program back in October which is a way to spearhead Algorand’s-based application development in Europe which is seen as a critical fin-tech hub. Successful initiatives will be eligible for the $500,000 follow up investment from Eterna Capital and Borderless Capital.

Algorand is often compared with other blockchain protocols like Tezos, Cardano, and Ethereum. Right now it is the smallest of the four with a market cap of $808 million.

As previously reported, The world chess data will not be recorded on the Algorand Blockchain network. The platform is open to players across the world and as a result of the lockdowns, the gamers around the world are now streaming digital chess matches on different platforms. Algorand is now trying to keep the player’s game honest. FIDE online Arena will record the official chess ratings and all of the titles data on Algorand’s decentralized blockchain network which will bring reliability and transparency to the rating system of digital chess. The data will also be accessible to all other chess platforms and media sites.